PANews reported on December 18 that Databricks, which focuses on big data analysis and artificial intelligence solutions, announced a new round of financing of US$10 billion, with a company valuation of US$62 billion. This round of financing was led by Thrive Capital, with participation from Andreessen Horowitz and DST Global. Other supporters of the new round of financing include Singapore's sovereign wealth fund GIC Pte Ltd., Insight Partners and WCM Investment Management. According to people familiar with the matter, Lightspeed Venture Partners also participated in the deal. An unnamed person familiar with the matter said the company invested US$200 million in this round of financing. Databricks plans to use the funds to develop new AI products, conduct mergers and acquisitions, and expand international market operations. In addition, it will be used to repurchase shares held by existing and former employees.
Databricks expects annualized revenue to exceed $3 billion in fiscal 2025, with sales increasing by more than 60% year-on-year this quarter. Its product, Databricks SQL, which competes with Snowflake, has annual revenue of $600 million, with an annual growth rate of more than 150%. Currently, more than 500 customers spend more than $1 million a year. This round of financing enhances employee stock liquidity and provides flexibility for future IPOs. CEO Ali Ghodsi said it could go public as early as next year.
